Buy custom Early Central Banking In The New Republic
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Business
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| Number of pages / Number of words: |
7 / 1807 |
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As part of this report, Hamilton proposed a national bank, with the Federal Government owning one fifth of the stock. He suggested the bank on the grounds that (1) it would provide needed paper currency, (2) it would be a safe-haven for public funds, (3) it would provide banking facilities for commercial transactions, (4) it would provide for the sale of government bonds...
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The proposed bank would have enormous fiscal power and virtually dictate federal fiscal policy†(Rough, 1997). The head office of the bank was in Philadelphia with eight branches in other cities (Bank of the United States).
The First Bank of United States had both public and private tasks. Its job was to control and manage the money supply, to regulate and standardize the amount of notes issued by state banks and to transfer reserves to different parts of the county...
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